Grupo Televisa and Fintech Holdings will pay cash at closing in a deal expected to close in the first quarter of 2027. The Mexican operator had about 24.7 million wireless subscribers and operating income of 1.4 billion pesos on 85.4 billion pesos of revenue in 2025.
AT&T is pulling its capital back to the U.S. The business it is leaving was large in subscribers and small in profit.
Grupo Televisa and Fintech Holdings will pay $2 billion in cash for AT&T Mexico when the deal closes, AT&T said Tuesday, with the price "subject to certain adjustments, plus additional contractual and contingent benefits." Mexican regulators must sign off, and the companies are aiming for the first quarter of 2027. In the meantime the unit moves into the held-for-sale column, beginning with AT&T's third-quarter quarterly filing.
"We have articulated a strong belief that the AI future will run on converged networks with dense fiber assets," the chief executive, John Stankey, said. The sale "is consistent with our long-term strategy to focus our capital allocation on opportunities for growth in the vibrant U.S. market," he said.
What is changing hands
Televisa's release gave the scale of the business. AT&T Mexico had about 24.7 million wireless subscribers at the end of 2025 and consolidated revenue that year of 85.4 billion pesos, with operating income of 1.4 billion pesos. That works out to an operating margin of about 1.6%.
The buyers are a 50/50 consortium. They will fund the purchase with cash on hand and non-recourse secured debt, according to Televisa, which means lenders will look to the Mexican business rather than to the parent companies for repayment.
Size against each side
For AT&T the deal is small. The $2 billion is about 1.3% of its $156.6 billion market value at Tuesday's close, and the shares, which rose 1.64% to $22.86 during the session, were indicated little changed before Wednesday's open, their first regular session since the announcement.
For Televisa it is large. The company's U.S.-listed shares closed at $2.21, giving it a market value of about $1.16 billion, smaller than the purchase price the consortium will pay.
What AT&T keeps
AT&T said it expects no change for U.S. consumer and enterprise customers. The undisclosed "contractual and contingent benefits" attached to the price mean the final value of the sale to AT&T could exceed the headline figure.
Market implications
One reading is that AT&T is trading a low-return asset for capital it can use at home. A business earning a margin under 2% is being swapped for $2 billion of cash to put behind fiber and wireless in the U.S., in line with the strategy Stankey described.
A second reading is that the price says more about the business than the strategy. At $2 billion, the buyers are paying about $81 for each of AT&T Mexico's 24.7 million wireless subscribers, a modest figure that reflects how little the unit earned.
What to watch
AT&T's first regular session after the announcement, its third-quarter report with the held-for-sale accounting, and Mexican regulatory review are the next steps. Any detail on the contingent benefits would sharpen the deal's value.